The Stripping of U.S. Treasury Securities
The Stripping of U.S. Treasury Securities

Author: Miles Livingston

Publisher:

Published: 2017

Total Pages: 73

ISBN-13:

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This monograph traces the early development of the U.S. Treasury strips market. The stripping of U.S. Treasury securities began in 1982 as a private market. In 1985, the U.S. Treasury began to allow dealers to strip Treasury securities and in 1987 the Treasury permitted reconstitution of strips into the underlying bonds. The taxation of Treasury bonds and strips is examined. Except in the case of a flat after-tax term structure of interest rates, the after-tax value of a bond is shown to be different from the after-tax value of a portfolio of strips with the same pretax future cash inflows.

The Relative Pricing of U.S. Treasury Strips
The Relative Pricing of U.S. Treasury Strips

Author: Bradford D. Jordan

Publisher:

Published: 2001

Total Pages:

ISBN-13:

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We investigate pricing relations and the potential for arbitrage in the U.S. Treasury STRIPS market, stressing the importance of reconciling quoted Treasury data with actual market pricing conventions. We document that stripping and reconstitution profits in the STRIPS market are fleeting and rarely economically significant; that matched-maturity principal and coupon STRIPS generally have different prices due, at least in part, to richness or cheapness in the underlying note or bond; and that apparent negative forward rates in the STRIPS market are concentrated in certain long-maturity STRIPS that do not actually exist at the time.

Enhancing the Liquidity of U.S. Treasury Securities in an Era of Surpluses*
Enhancing the Liquidity of U.S. Treasury Securities in an Era of Surpluses*

Author: Paul B. Bennett

Publisher:

Published: 2008

Total Pages: 61

ISBN-13:

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This paper presents three proposals intended to enhance liquidity in the market for U.S. Treasury debt: making principal and interest STRIPS maturing on a common date fungible with each other, aligning the maturity of 2-year debt with either bill maturities or the maturities of longer-term debt, and establishing a facility to allow market participants to exchange (with the Department of the Treasury) single-payment securities with similar, but not identical, maturities. The proposals would enhance liquidity by improving the substitutability of identical and very nearly identical Treasury liabilities, and by increasing the integration of the markets for bills, notes, bonds and STRIPS. The proposals would be complementary to, rather than a substitute for, the initiative to buy back outstanding debt announced in August 1999.

Model Rules of Professional Conduct
Model Rules of Professional Conduct

Author: American Bar Association. House of Delegates

Publisher: American Bar Association

Published: 2007

Total Pages: 216

ISBN-13: 9781590318737

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The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.